Who saves more money, mom and dad or the kids?

Yesterday we talked about working with The Bank and how difficult it can be.  There are two huge things to remember today:

  1. First – twenty percent down.  Ugh!
  2. Second – PMI, insurance to help the bank.  Ugh!

The key to success is easy!  Oh come on………, all you need is an abundance of hard earned cash.  How difficult can that be?  The closer we look the harder it is to actually come up with that money! 

There are numerous ways to acquire cash:

  • Rob a bank – dumb!
  • Win the lottery – highly unlikely!
  • Work more hours – you are already exhausted!
  • Go Fund Me online – problematic at best!
  • Savings – this will work.

Saving money is probably the smartest thing you can do for one simple reason, it does work for you.  So, an interesting question.  Who saves more money?  The answer might be a surprise.

  1. Baby Boomers have consistently been known for not saving ahead.  They represent Post War prosperity and rapid growth.  Tomorrow is always going to be better than today!  And, honestly all of the Boomers’ tomorrows have gotten better.  Boomers are a very optimistic group of people who have always looked to tomorrow and smiled while they neglected to save money.
  2. Millennials are the largest single group of Americans today and even more than their parents are extremely optimistic; they feel tomorrow will be better of course and they look to tomorrow and consistently save money.

Yup, millennials are consistently saving more money than Boomers.  They are making greater progress towards the Twenty Percent Down and not paying PMI.

Millennials are in many ways in a great position to purchase their first home and nationwide they are actively entering the housing market and saying no to paying rent.

If you have hopes and dreams give us a call at 802-985-5855 and let us help.

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